We have strengthened the algorithm for discounting the impact older evidence on an organization's top-line metrics. Evidence from within the last two years is weighted the strongest and then gradually weighted out of the scoring calculations as it gets older. All evidence that is 5 years or older is completely removed from the scoring calculations. Users will still be able to view older evidence items that are archived the scoring matrix below, but these will not be impacting the organization's current scores.
We have expanded the list of climate policies we assess company engagement with to incorporate land-use related policy, referring to legislative or regulatory measures to enhance and protect ecosystems and land where carbon is being stored. Assessments under this category are currently underweighted in terms of their contribution to the overall company metrics. This weighting will be progressively increased over the next 6 months.
In this section, we depict graphically the relationships the corporation has with trade associations, federations, advocacy groups and other third parties who may be acting on their behalf to influence climate change policy. Each of the columns above represents one relationship the corporation appears to have with such a third party. In these columns, the top, dark section represents the strength of the relationship the corporation has with the influencer. For example if a corporation's senior executive also held a key role in the trade association, we would deem this to be a strong relationship and it would be on the far left of the chart above, with the weaker ones to the right. Click on these grey shaded upper sections for details of these relationships. The middle section contains a link to the organization score details of the influencer concerned, so you can see the details of its climate change policy influence. Click on the middle sections for for details of the trade associations. The lower section contains the organization score of that influencer, the lower the more negatively it is influencing climate policy.
Climate Policy Engagement Overview: ExxonMobil is negatively and strategically engaged on most forms of climate policy and advocates for energy policies that would accelerate fossil fuel development. The company retains an extensive network of memberships to industry associations that actively oppose climate-related policy globally.
Top-line Messaging on Climate Policy: ExxonMobil’s high-level communications appear to support climate action with caveats that could undermine an ambitious response to climate change. In the company’s Advancing Climate Solutions 2022 Progress Report from January 2022, ExxonMobil supported the need to reduce emissions in line with the 2°C goal. In its 2022 Lobbying Report released in January 2024, ExxonMobil supported the US and EU’s participation in the Global Methane Pledge. However, this top-line support for climate action is often coupled with statements that appear to caution against rapid emissions reductions. For example, in May 2023, the company’s Form DEFA14A Proxy Statement filing with the US Securities and Exchange Commission (SEC) stated that IEA’s net-zero emissions pathways would lead to “degradation in global standard of living.”
ExxonMobil supports a specific combination of climate policies, focusing primarily around advocating for an economy-wide carbon price. For instance, in the Advancing Climate Solutions report published in January 2024, the company supported carbon pricing and incentives for emissions reduction, and appeared unsupportive of “prescriptive” policies.
Engagement with Climate-Related Regulations: ExxonMobil appears to engage negatively on a number of policy streams. In July 2023, ExxonMobil’s comments to the US Environmental Protection Agency (EPA) did not support the tailpipe GHG emissions standards for light-duty and medium-duty vehicles. However, in a December 2023 consultation response, the company appeared to support Australia’s Low Carbon Fuel Standard.
The company does not support the regulation of oil and gas emissions and advocated to weaken the 2022 supplemental methane regulation in a submission to the US EPA in February 2023. The company’s January 2022 submission on EPA methane standards appeared to support extending the regulations to address flaring and supporting reducing methane emissions; however, it advocated for limiting the regulations to larger wells, and does not support the EPA's proposal to allow local communities to monitor and report on large methane leaks affecting their communities.
While the company’s July 2022 update of Advancing Climate Solutions Report appeared to support a carbon tax, evidence of direct engagement shows contrasting positions: A Freedom of Information Request showed an email through which ExxonMobil opposed the implementation of a carbon tax in the Netherlands in 2021. The company also advocated for exemptions in Guyana’s tax on gas flaring, as per a consultation summary released by the government in July 2022.
ExxonMobil does not appear to support circular economy policies. In July 2023 comments to US EPA, it did not support implementing policy according to the waste hierarchy, stating that EPA should "discourage the ban of specific products or applications."
ExxonMobil has declined to participate in CDP Climate Change Survey since 2018.
Positioning on Energy Transition: ExxonMobil opposes the energy transition and advocates for continued fossil fuel development across the world. In the US, ExxonMobil opposed a Colorado state bill that proposed to phase out new oil and gas permits by 2030, as per the state’s Lobbyist Registry in June 2024. The company also advocated for increased fossil gas production in comments submitted to Guyana's Low Carbon Development Strategy in July 2022. Public statements made by the company CEO Darren Woods in 2022-2024 also frequently advocate for continued oil and gas development, policies to encourage investment, and oppose a reduction in fossil fuel use based on science-aligned pathways.
ExxonMobil’s support for decarbonizing the power and transport sectors appear to be predicated on an ongoing role for fossil fuels over other zero-carbon options. A July 2023 submission to EPA on tailpipe emissions standards advocated for a long-term use of ICE-powered vehicles over a rapid transition to electric vehicles (EVs). In Australia, the company’s submission to National Electric Vehicle Strategy Consultation in October 2022 appeared unsupportive of electrification proposals. ExxonMobil also advocated to weaken the US Inflation Reduction Act’s Section 45V clean hydrogen tax credit by calling for inclusion of fossil gas feedstocks and flexible requirements for credit eligibility in February 2024 comments.
ExxonMobil has increasingly publicized its support for carbon capture and storage (CCS/CCUS) technologies on its website in 2020-2024. The ‘Global Outlook’ published in January 2024 suggests the company is using its support for CCS to advocate for fossil fuel-based solutions and treats CCS and hydrogen on par with renewable energies and electrification. The company’s June 2023 comments to the US EPA called for CCS adoption in the state of Louisiana, claiming that CCS can “support energy production” while reducing emissions. This suggests that the company supports CCS applications in conjunction with enhanced oil recovery that extracts fossil fuels while storing carbon dioxide.
Industry Association Governance: ExxonMobil has partially disclosed information regarding its indirect influence over climate policy via industry associations through its 2022 Climate Lobbying Report, published in January 2024 and has undertaken a review of 56 industry associations. ExxonMobil retains memberships to several associations that actively advocate against climate policy such as the American Petroleum Institute, American Fuel & Petrochemical Manufacturers, Australian Energy Producers (formerly APPEA), and the Western States Petroleum Association, among others.
A detailed assessment of the company's corporate review on climate policy engagement can be found on InfluenceMap's CA100+ Investor Hub here.
InfluenceMap collects and assesses evidence of corporate climate policy engagement on a weekly basis, depending on the availability of information from each specific data source (for more information, see our methodology). While this analysis flows through to the company’s scores each week, the summary above is updated periodically. This summary was last updated in Q3 2024.